FOR
FOR MANY
FOR MANY OF US WE KNOW ADAPTING IS NOT EASY ESPECIALLY WHEN IT COMES TO FINANCES. AND JOINING
US TO SHARE HOW TO TALK MONEY
WITH RECENT GRADUATES FINANCIAL
PLANNER, AUTHOR OF REDEFINING
FINANCIAL LITERACY WE HAVE
CINDI CLEARMOUNTAIN JOINING US.
GOOD MORNING, CINDY. GOOD
MORNING AND THANKS FOR HAVING
ME. I'M GLAD YOU'RE ON BECAUSE
YOU KNOW, JUST LAST WEEK WE
WERE COVERING SO MANY
GRADUATION CEREMONIES FOR MANY
OF OUR LOCAL UNIVERSITIES AND
COLLEGES HERE. SO IT'S A BIG
THING FOR GRADUATES. THEY GET
THEIR MONEY, YOU KNOW, AS GIFTS
AND THEY DESERVE IT. THEY WENT
THROUGH HIGH SCHOOL AND COLLEGE
AND GRADUATED. SO WHAT ARE YOU
SUPPOSED TO DO WITH THAT EXTRA
CASH? WELL, YOU KNOW, THIS LAST
TWO YEARS HAVE BEEN VERY
DIFFICULT FOR THESE GRADUATES
IN THESE EDUCATIONAL
MILESTONES. SO THE FIRST THING
I THINK IS TAKE A LITTLE BIT
OF THAT MONEY AND THEN MAYBE GO
ON A TRIP BUT SPEND MINDFULLY
AND LOOK FOR THOSE DISCOUNTS
WHEN IT COMES TO, YOU KNOW,
TRAVEL AND DIFFERENT
EXTRAVAGANZAS. AND THE NEXT
THING I LIKE TO DO IS TAKE A
LITTLE BIT OF THAT MONEY AND
SAY KIDS STARTED. I'M FEELING
FINANCIALLY LITERATE
UNDERSTANDING BASIC FINANCIAL
CONCEPTS. THAT'S A GOOD IDEA. I
MEAN THEY CAN ENJOY IT, RIGHT?
THEY WENT THROUGH A TOUGH YEAR,
ESPECIALLY A LOT OF VIRTUAL
CLASSES, THINGS LIKE THAT AND
NOW THEY CAN GET OUT AND TRAVEL
.SO THAT'S THAT'S A GREAT IDEA
AND THEN SAVING SO WHAT'S THE
BEST WAY PERCENTAGE WISE DO YOU
HAVE AN IDEA OF LIKE HOW MUCH
YOU SHOULD SPEND, HOW MUCH YOU
SHOULD SAVE? ABSOLUTELY.
ESPECIALLY WHEN THESE YOUNG
GRADUATES START WORKING. YOU
KNOW WHETHER YOU'RE GRADUATING
FROM HIGH SCHOOL OR COLLEGE,
THESE STUDENTS GET JOBS. TRY TO
SAVE 10 PERCENT OF YOUR INCOME
90 PERCENT YOU CAN SAY YOU CAN
SPEND 10 PERCENT TRY TO SAY OK,
THAT'S A GOOD GAME PLAN THERE.
AND THEN WHAT ABOUT INVESTING?
IS IT TOO EARLY TO BE INVESTING
OR SHOULD THEY BE DOING IT?
ABSOLUTELY. IT'S NEVER TOO LATE
TO START INVESTING IN YOU KNOW,
A LOT OF THESE YOUNG KIDS ARE
ON ROBIN HOOD GIVING PEOPLE
POWER TO INVEST WHAT THE WORD
OF ADVICE THAT I GIVE THESE
YOUNG PEOPLE IS, YOU KNOW, GET
INVOLVED IN THESE INVESTMENT
APPS, TRY TO LEARN THE BASICS
BECAUSE IF YOU DON'T SEE
INVESTMENT TRENDS AND YOU HOP
INTO THESE APPS LIKE ROBIN HOOD
AND COINBASE, YOU COULD RISK
ALL YOUR MONEY. SO GET STARTED
BY TAKING FIVE, TEN MINUTES A
DAY DOWNLOADING THESE YOUTUBE
VIDEOS, THESE APPS THAT CAN
START TEACHING YOU BUT MAKE
SURE THE PEOPLE THAT ARE
TEACHING YOU HAVE EXPERIENCE IN
THE FINANCIAL SERVICE INDUSTRY,
A LICENSE OR CREDENTIAL. SO YOU
GET THE INFORMATION IS
KNOWLEDGE AND KNOWLEDGE IS
POWER TO HELP YOU MEET YOUR
FINANCIAL GOALS. AND I'M SURE
FOR A LOT OF PEOPLE ONCE THEY
START SAYING HEY, I CAN
ACTUALLY MAKE SOME MONEY BY
PUTTING MY MONEY IN THE RIGHT
PLACE, IT FEELS PRETTY GOOD
RIGHT? IT'S ACTUALLY
MOTIVATING. IT'S IT'S
EMPOWERING AND IT KEEPS YOU ON
TRACK TO ACCOMPLISH THE GOALS
OR WHATEVER FINANCIAL GOALS YOU
HAVE SET OFF. ANY WARNINGS
THOUGH WHEN COMES TO INVESTING?
I MEAN SHOULD THEY WATCH OUT
FOR CERTAIN SIGNS? WHAT NOT TO
DO AND YOU DON'T WANT TO BE
OPENING THESE APPS LIKE ROBIN
HOOD AND BUYING AND SELLING
BECAUSE THAT'S REALLY A FORM
OF GAMBLING AND A LOT OF THESE
YOUNG KIDS HAVE REALLY YOU
KNOW, WITH THIS PANDEMIC HAVE
ENROLLED IN THESE APPS AND THE
STATISTICS SHOW THAT. SO PLEASE
DON'T GO OUT THERE AND LISTEN
TO A TIP FROM A FRIEND, GET
EDUCATED, HAVE EVEN YOUR
PARENTS FINANCIAL PLANNER SIT
DOWN WITH YOU AND SPEND AN HOUR
TO GIVE YOU SOME INVESTMENT
BASICS BECAUSE THAT'S WHAT
WE'RE DOING IN OUR PRACTICE.
WE'RE HELPING THE YOUNG
CHILDREN OUT BY SITTING DOWN
AND GETTING THEM NOT ONLY
ATTUNED TO INVESTING AND SAVING
BUT BUILDING THAT CREDIT FOR
GETTING A CREDIT CARD BILL, THE
CREDIT SCORE AND GET A SECURED
CREDIT CARD SO YOU CAN
EVENTUALLY PURCHASE ITEMS IN
THE FUTURE. YEAH, BUYING A
HOUSE, THINGS LIKE THAT. YOU
KNOW IT ALWAYS SOUNDS DAUNTING
BUT IT CAN BE DONE IF THEY'RE
THINKING ABOUT IT EVEN AT AGE
18 IT'S NOT TOO EARLY XINDI
TELL US REAL QUICK YOU WROTE
THIS BOOK REDEFINING FINANCIAL
LITERACY. WHY IS THIS SO
IMPORTANT FOR YOU TO BE ABLE TO
SHARE THESE MESSAGES? I THINK A
LOT OF PEOPLE, EVEN ADULTS THAT
ATTEMPT TO LEARN ABOUT
FINANCIAL LITERACY IS MORE OR
LESS ON SAVINGS EMERGENCY FUND
AND BUDGETING THIS BOOK IS
REALLY GOING TO HELP AMERICANS.
DO YOU GIVE THEM A ROADMAP TO
RETIREMENT BECAUSE THE RESEARCH
SAYS TODAY THAT 40 PERCENT
OF AMERICANS ARE GOING TO WRAP
MONEY AND RETIREMENT. SO I
CREATED THIS MANUSCRIPT TO HELP
EDUCATE INVESTORS OUT THERE AND
LET THEM KNOW AND GIVE HOPE AND
NEW STRATEGIES OUTSIDE OF JUST
STOCKS AND BONDS AND THERE ARE
OTHER OPTIONS THAT ARE
AVAILABLE TO YOU TO SUSTAIN
DURING YOUR RETIREMENT YEARS
AND LEAVE A LEGACY FOR YOUR
CHILDREN. OK, ALL RIGHT. WRITE
SOMETHING ON A LOT OF PEOPLE'S
MINDS THESE DAYS. CINDY, THANK
YOU SO MUCH.